As a result Tesco's share price fell by nearly half in 2015, dropping to levels last seen in 2003. They announced like-for-like sales excluding fuel down 2.9 in the last 19 weeks, and down just 0.3% over the Christmas period, better than analysts expected.

It looks like investors are happy so far: Tesco shares opened up more than 5% higher.

The update today is rammed with efforts to scale back the expenditure of the UK's biggest retailer.

Increasing the flexibility of working hours, which they say will cost £300 million this year but save £250 million every year after that.

Capital investment reduced by more than half, from £2.1 billion to just £1 billion.

No shareholder dividend for 2014-15.

The sale of movie streaming service Blinkbox to telecommunications firm TalkTalk for £5 million

Fresh food volumes are up for the first time in five years at Tesco. Here's a chart following the like-for-like sales. Numbers in brackets mean sales are falling, but it's clear that the pace of that drop is slowing: